We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Short term mortgage option - no penalties - Advice please
Scotcat_2
Posts: 1 Newbie
Hi
I'd really appreciate some advice. I need to take out a mortgage to help someone who's buyer has pulled out at the last minute and who is committed to a purchase. The property which is now back on the market does not have a mortgage on it, so has considerable equity. Bridging is too expensive as it would have to be for an indefinite period. So I need a mortgage for £130,000 but with no penalty for paying off (if the house sells soon). Which is best no penalty option and are any of these available with 5% deposit or are they all 10%. Property is in Scotland (Edinburgh) don't know if that makes a difference.
Thanks in advance for any advice
Scotcat:o
I'd really appreciate some advice. I need to take out a mortgage to help someone who's buyer has pulled out at the last minute and who is committed to a purchase. The property which is now back on the market does not have a mortgage on it, so has considerable equity. Bridging is too expensive as it would have to be for an indefinite period. So I need a mortgage for £130,000 but with no penalty for paying off (if the house sells soon). Which is best no penalty option and are any of these available with 5% deposit or are they all 10%. Property is in Scotland (Edinburgh) don't know if that makes a difference.
Thanks in advance for any advice
Scotcat:o
0
Comments
-
there are plenty of options available to the right client with the right income and right credit history.
You would need to consider costs of selling, buying & selling again.
I would also seek legal advice and ensure that you can afford the mortgage if it doesnt sell and this friend cannot pay you.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards